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Tuesday, August 2, 2011
BAGHDAD - Naseer Goldfinch
Iraqi bankers asked the Iraqi government to re-activate the investment funds to take advantage of the huge amounts of cash monopolized by public banks and other government agencies, to stimulate the economy.
According to the CBI that there are more than 70 percent of the mass of cash in public institutions is invested.
Banking expert, Mohammed al-Samarrai told «life» that «Iraq is in dire need of a government decision encourages the activation of investment funds and the exploitation of masses of cash, whether in government banks,« Iraq »and« good », or those deposited in special accounts of state departments and its institutions, and value of trillions of dinars. He said: «financial institutions government does not know how the operation of the funds and manage, which generates benefits for the economy, and the owners of capital from the merchants and citizens did not find direct them to invest the cluster of large cash and frozen they own in a safe, under the auspices of the government and participation.
He pointed to the resolutions of the Samurai «Council of age» and guidance in the fifties of the last century, the establishment of mixed companies and institutions have succeeded to a very large extent, carrying out industrial and agricultural projects and successful tourism, through the combination of state power and flexibility of the private sector. He explained that the reactivation of investment funds through major investments shared between the state and the private sector could have led private banks to use funds to lend to local and foreign investors who resort is usually to foreign banks to secure the cash and start projects in Iraq, and that too to achieve additional benefits for the development of mass domestic monetary.
The expert first in the Central Bank of Iraq the appearance of Mohammed Saleh that «the use of the money supply within the country is relative, since the norm is not less than the share of foreign investors in local projects 25 percent, but this does not prevent to borrow some money, local for the continued operation of the project but not in a form that is relied upon for development ».
He noted that the opening of Iraqi banks to foreign investors and facilitate the obtaining of loans, «put her in danger, and attracts adventurers may share with them a profit, but may bear the loss alone also».
And the volume of liquidity or cash to the state banks, he noted that the liquidity include savings, any money the Iraqi citizens, and a good percentage represents 40 percent of gross domestic product, at around 45 trillion Iraqi dinars, has the bank «good» and «Iraq» two thirds of this amount.
As for investment funds and projects mixed, said the appearance: «I do not mind the establishment of such funds, as we need to activate this sector, because the real investment is still slow, and we hope in the coming period to activate this sector, a joint effort, these funds are able to reduce unemployment and stimulate corporate sector building ».
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BAGHDAD - Naseer Goldfinch
Iraqi bankers asked the Iraqi government to re-activate the investment funds to take advantage of the huge amounts of cash monopolized by public banks and other government agencies, to stimulate the economy.
According to the CBI that there are more than 70 percent of the mass of cash in public institutions is invested.
Banking expert, Mohammed al-Samarrai told «life» that «Iraq is in dire need of a government decision encourages the activation of investment funds and the exploitation of masses of cash, whether in government banks,« Iraq »and« good », or those deposited in special accounts of state departments and its institutions, and value of trillions of dinars. He said: «financial institutions government does not know how the operation of the funds and manage, which generates benefits for the economy, and the owners of capital from the merchants and citizens did not find direct them to invest the cluster of large cash and frozen they own in a safe, under the auspices of the government and participation.
He pointed to the resolutions of the Samurai «Council of age» and guidance in the fifties of the last century, the establishment of mixed companies and institutions have succeeded to a very large extent, carrying out industrial and agricultural projects and successful tourism, through the combination of state power and flexibility of the private sector. He explained that the reactivation of investment funds through major investments shared between the state and the private sector could have led private banks to use funds to lend to local and foreign investors who resort is usually to foreign banks to secure the cash and start projects in Iraq, and that too to achieve additional benefits for the development of mass domestic monetary.
The expert first in the Central Bank of Iraq the appearance of Mohammed Saleh that «the use of the money supply within the country is relative, since the norm is not less than the share of foreign investors in local projects 25 percent, but this does not prevent to borrow some money, local for the continued operation of the project but not in a form that is relied upon for development ».
He noted that the opening of Iraqi banks to foreign investors and facilitate the obtaining of loans, «put her in danger, and attracts adventurers may share with them a profit, but may bear the loss alone also».
And the volume of liquidity or cash to the state banks, he noted that the liquidity include savings, any money the Iraqi citizens, and a good percentage represents 40 percent of gross domestic product, at around 45 trillion Iraqi dinars, has the bank «good» and «Iraq» two thirds of this amount.
As for investment funds and projects mixed, said the appearance: «I do not mind the establishment of such funds, as we need to activate this sector, because the real investment is still slow, and we hope in the coming period to activate this sector, a joint effort, these funds are able to reduce unemployment and stimulate corporate sector building ».
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